Commodities
Vietnam's Gold Demand Plummets Amid Southeast Asia's Rising Market Trend
The gold market in Southeast Asia is on the rise, except for one country - Vietnam. According to the World Gold Council, Vietnam experienced a 31% year-on-year decline in investment gold demand in the second quarter, with sales falling to 6.5 tonnes.
This marked a significant drop from its peak at the end of January, where prices had surged by 26%. However, since then, the local price has fallen by 7.7%, making it less attractive for consumers.
The decline in Vietnam's gold market is attributed to several factors, including lower local prices and import quotas that distorted market conditions, resulting in a high premium for buyers.